Ford chief's pay in 2011: $29 million

DEARBORN, Mich. — The pay package for Ford CEO Alan Mulally rose 11 percent last year to $29.5 million, or a little more than $5 for every vehicle sold.

DEE-ANN DURBIN

DEARBORN, Mich. — The pay package for Ford CEO Alan Mulally rose 11 percent last year to $29.5 million, or a little more than $5 for every vehicle sold.

Mulally earned $2 million in salary, up 43 percent from 2010, and stock awards valued at $13.9 million, up 86 percent from the prior year. But his performance bonus dropped 42 percent to $1.8 million because Ford fell short of market share and quality targets in some areas. Mulally also received $612,587 in perks and other compensation for things like the use of a private jet, a personal car and driver and security.

Despite rising commodity costs and charges for a big expansion in Asia, 2011 was the company's third straight profitable year. There were problems. Ford's U.S. quality ratings were tarnished by glitches in its touch-screen dashboard systems and shifting problems in some automatic transmissions. And while the company gained market share in Europe, its share was flat in other regions.

Mulally's compensation was the highest since 2006, the year he was hired from Boeing Co. to turn around Ford. He made $39.1 million that year thanks to a performance bonus and compensation for leaving the Chicago-based airplane maker.

Mulally's pay — which put him among the highest-paid CEOs in the U.S. last year when he made $26.5 million — has angered some Ford factory workers.

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